Calculate how much tax relief you can claim on your pension plan

How is it taxed?

The contributions you make to your pension plan during the year will be deducted from your personal income tax base, up to the lesser of the following amounts: €2,000, or up to 30% of your net earnings from work and economic activities. These conditions are valid for people living outside the Basque Country and Navarre.

This chart shows that for every €1,000 contributed to your plan, you can save up to €240 on your next income tax return. When calculating your taxes, we take into account the marginal Personal Income Tax withholding rate (24%).

Is it possible to recoup your money before retirement?

Yes, Law 26/2014 allows contributions to pension plans that were made at least 10 years earlier (from 2015) to be redeemed. For example, if you opened a plan in 2015, starting in 2025 you would be able to redeem what you contributed in 2015, in 2026 what you contributed in 2016, and so on.

There are other specific circumstances in which you can also redeem the investment before retirement: in cases of unemployment, disability, dependency or severe illness, among others. Ask us about the best way of doing it.

What is the maximum amount you can contribute each year to a pension plan?

If you want to know the maximum amount you can contribute to a pension plan in one year, this article here has all the information you need.

You can schedule regular contributions or make a one-time contribution

What is the deduction?

The deduction is the reduction in the taxable income base for Personal Income Tax purposes, which results in savings that will depend on the marginal rate of each customer. Starting in 2016, contributions made to pension plans can be deducted from the taxable base for personal income tax (IRPF) for an amount up to 2,000 euros, limited to 30% of the net income derived from work and other economic activities.